Get Ballistol spray if you don't already have some - it is simply the best for old guns with wood and bluing. The Ballistol in the non-spray can is also good but it doesn't have the cleaning power of the spray because of the thinning solvents. Both are great for AKs and SKS's and in a water emulsion make the greatest corrosive ammo/black powder cleaner/treatment under the sun. In fact, if you don't use it for anything else, at least make an emulsion of at least 1 part Ballistol to 10 parts water and wash the entire gun with it as soon as you one with an unknown ammo history - corrosive salts can last for decades. Wash it inside and out, take the bolt apart, do the bore, gas tube, gas block, just everything. After it dries out use the straight Ballistol for your CLP and the gun is cleaned and protected.
I had been using some hi-tech stuff on my AK and it just wasn't feeling as snappy as usual so after shooting at the range last time I used Ballistol on it - man, what a difference.
You can wet the wood with all you want. It lightly cleans all materials and is an excellent wood treatment. My AMD65 has the blonde wood grips which have no finish - just oiled wood - Ballistol is perfect for them. I let it sit for a few minutes then wipe it with a clean cloth.